MAG’s performance improves by 60%
Malaysia Aviation Group (MAG) achieved positive ebitda (earnings before interest, taxes, depreciation, and amortisation) of +MYR 433 million (USD 102 million), compared to -MYR 1,761 million (-USD 405 million) a year ago, reducing its loss for the financial year ended 31 December 2021 by 60% compared to 2020.
This result was achieved through strong cargo performance by Mabkargo, generating revenue of MYR 3 billion (USD 0.7 billion) as a result of high global demand, allowing increased freighter and belly utilisation via passenger-to-cargo flights.
The restructuring the group undertook in 2021 gave MAG the opportunity to reduce the group’s liabilities of over MYR 15 billion (USD 3.4 billion) and eliminate MYR 10 billion (USD 2.3 billion) in debt.
Mabkargo outperformed its target by 71%. Achieving higher CTKM by 26% against target and delivering 28% in average increase cargo yield against budget. (cj)